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New Trading For A Living
- Individual Psychology
- Why Trade?
- Reality versus Fantasy
- Self-Destructiveness
- Trading Psychology
- Trading Lessons from AA
- Losers Anonymous
- Winners and Losers
TWO Mass Psychology - What Is Price?
- What Is the Market?
- The Trading Scene
- The Market Crowd and You
- Psychology of Trends
- Managing versus Forecasting
- THREE Classical Chart Analysis
- Charting
- Support and Resistance
Trading—The Last Frontier
You can be free. You can live and work anywhere in the world. You can be independent of routine and not answer to anybody. This is the life of a successful trader.
Many aspire to it but few succeed. An amateur looks at a quote screen and sees millions of dollars sparkle in front of his face.
He reaches for the money—and loses. He reaches again—and loses more.
Traders lose because the game is hard, out of ignorance, or from lack of discipline. If any of these ail you, I wrote this book for you.
How I Began to Trade
In the summer of 1976, I drove from New York to California.
I took along a few books on psychiatry (I was a first-year psychiatric resident), several histories, and put a paperback copy of Engel’s How to Buy Stocks into the trunk of my old Dodge.
Little did I know that a dog-eared paperback, borrowed from a lawyer friend, would in due time change the course of my life.
That friend, incidentally, had a perfect reverse golden touch—any investment he touched went underwater. But that’s another story.
I gulped down the Engel book in campgrounds across America, finishing it on a Pacific beach in La Jolla. I had known nothing about the stock market, and the idea of making money by thinking gripped me.
I grew up in the Soviet Union in the days when it was, in the words of a former U.S. president, “an evil empire.”
Psychology Is the Key
Remember how you felt the last time you placed an order? Were you anxious to jump in or afraid of losing? Did you procrastinate before entering your order?
When you closed out a trade, did you feel elated or humiliated? The feelings of thousands of traders merge into huge psychological tides that move the markets.
Getting Off the Roller Coaster
The majority of traders spend most of their time looking for good trades. Once they enter a trade, they don’t manage it but either squirm from pain or grin from pleasure.
They ride an emotional roller coaster and miss the essential element of winning—the management of their emotions. Their inability to manage themselves leads to poor risk management and losses.
If your mind is not in gear with the markets, or if you ignore changes in the mass psychology of crowds, you have no chance of making money trading.
All winning professionals know the enormous importance of psychology.
Most losing amateurs ignore it. Friends and students who know that I am a psychiatrist often ask whether this helps me as a trader.
Good psychiatry and good trading have one important principle in common. Both focus on reality, on seeing the world the way it is.
To live a healthy life, you have to live with your eyes open.
To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on fantasies, regrets, and wishful thinking.
| Author | Alexander Elder |
| Language | English |
| No. of Pages | 303 |
| PDF Size | 12 MB |
| Category | Stock Market |
| Source/Credits | pdfdrive |
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